Snoopkittykat
New member
- Joined
- Nov 1, 2011
- Messages
- 1
Okay...I'm a bit rusty here. My dad has a loan of (approximately) $9,500...his payments, with interest, to payoff the loan are $365 for 13 more months (the interest is at 22.9%), for a total of $4,745. If my dad were to pay off this loan today in full...how much would he have to pay? I believe the loan is being compounded monthly, not continuously. I tried doing 4745-.229x=x...which gave me 4745=1.229x...which gave me $3860.86 to pay off the loan today, but I don't think I did this correctly...help! 